§ 5507 — Participation

New York § 5507

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 55: Medical Malpractice Insurance Association

Text

§ 5507. Participation. (a) Every member of the association shall\nparticipate in its writings, expenses, servicing allowance, management\nfees and losses in the proportion that the net direct premiums of the\nmember (excluding that portion of premiums attributable to the operation\nof the association) written during the preceding calendar year bears to\nthe aggregate net direct premiums written in this state by all members\nof the association. Each member's participation in the association shall\nbe determined annually on the basis of such net direct premiums written\nduring the preceding calendar year, as reported in the annual statements\nand other reports filed by the member with the superintendent.\n (b) In the event that sufficient funds are not available for the\npayment of losses and expenses incurred under policies issued by the\nassociation, the board of directors may require all members to\ncontribute, on a temporary basis pending recoupment as provided in\nsubsection (c) of this section, to the financial requirements of the\nassociation in the manner provided for in subsection (a) of this\nsection.\n (c) Any contribution made by members pursuant to subsection (b) of\nthis section shall be reimbursed to them by payment from the\nstabilization reserve fund pursuant to the plan of operation.\n